Agricultural Land beyond urban limits exempt from capital gains tax irrespective of cultivation

Parasmal Ravindra Kumar Vs ITO (ITAT Chennai) Individual assessee along with two of his family members sold 2.74 acres of vacant land at   Padarvadi Village, Sriperumbudur Taluk. During scrutiny assessee claimed the capital gains on the transfer of asset as exempt u/s 2(14). Before the AO, assessee filed copy of adangal issued by the Village Administrative Officer  (VAO), Pathervadi Village. According to the AO, though the lands are classified as Punja lands in revenue records as per the Adangal register of the village, held the impugned lands are Banjar lands & there is no reference of...